Karachi Stock Exchange (KSE) on Monday witnessed correction and the benchmark-100 index shed 94.86 points to close at 18,822.85 points against 18,917.71 points Friday. Samar Iqbal, a technical analyst at Topline Securities commented that due to deteriorating law and order situation in Karachi, the local bourse fell by 0.5 percent. Unconfirmed news of gas discontinuation of Engro Fertiliser plant also dampened the sentiment.
"Result announcement from leading companies - NBP, MCB, Lucky, Engro and FFC - failed to boost the sentiments. With low volumes across the board profit-taking was seen while TRG, Lotte Chemical and Wateen Telecom remained in limelight," she said. Ahsan Mehanti, another analyst said Pakistan stocks closed lower amid political uncertainty after blasts on poll offices. Institutional profit-taking was witnessed in stocks across the board amid concerns for security unrest in the city.
He said consolidation in bluechips post major quarter end earning announcements, economic uncertainty on falling FX reserves after IMF repayments and circular debt issues in Pakistan energy sector played a catalyst role in the bearish sentiments at KSE, he added. On Monday, market capitalisation saw declining trend and shed Rs 20.89 billion to close at Rs 4.628 trillion from Rs 4.649 trillion. The trading side was also closed on negative note on 157.128 million shares against previous 206.021 million shares.
Out of total 381 active scrips, 128 went up, 231 went down and that of 22 witnessed no change. Rafhan Maize and Bata (Pak) XD were the top gainers with share prices increasing by Rs 175.00 and Rs 78.46 to close at Rs 4375.00 and Rs 2162.18, respectively.
Unilever Food, Colgate Palmolive were the top losers with share prices decreasing by Rs 190.00 and Rs 97.50 to close at Rs 4900.00 and Rs 1852.50, respectively. Four companies available in "Top Ten" chart witnessed growth in their share prices while six lost their strength. TRG Pakistan succeeded to gain the position of "Volume Leader." It closed at Rs 11.82 with a turnover of some 28.122 million shares.
Lotte Chemical also gained five paisa to close at Rs 7.59 on some 11 million shares. Wateen Telecom witnessed addition of 35 paisa to close at Rs 5.16 with a volume of some 10.36 million shares. Bank of Punjab SPOT remained on the higher side and with an increase of 42 paisa, it closed at Rs 9.27 on some 8.96 million shares. Maple Leaf Cement closed on negative-note and with a decrease of 61 paisa, it stood at Rs 18.34 on some 6.47 million shares.
Engro Corporation lost Rs 3.32 to Rs 134.71 with a volume of some 5.92 million shares. Pak Elektron decreased by 88 paisa to close at Rs 12.22 on a turnover of some 4.76 million. Pervez Ahmed remained under pressure and with a decrease of 37 paisa, it closed at Rs 2.92 on some 4 million shares. Colony Mills stood up at Rs 4.85, down by 51 paisa on a volume of some 3.50 million shares. The last one among the Top Ten was D S Ind Ltd, which lost 28 paisa to close at Rs 4.32 on a turnover of some 4.32 million shares.
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